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What you can expect from this best practice:

• Identify your personal motivation for making changes to your business

• Develop the best structure and organization for your wealth management team

• Assign areas of core responsibility within your business to others

• Identify specific tasks within each area each team member will own

• Successfully delegate tasks and activities within your team

• Know how to plan strategically for future changes on your team

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Identify Your Advisory Business Model

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1.      Review the Advisory Business Model Overview to identify the business model you have adopted.

• If the current model works, continue to use it.

• If the current model doesn’t work, take steps to initiate one which is a better fit.

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Create Your Advisory Blueprint

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1. Review the Your Advisory Blueprint Worksheet.

2. Complete the worksheet with your team so it reflects your existing business configuration as follows: 

   • At the top of each core function (ie., Account Administration) you will need to identify who is coordinating that area of the business.

   • Beneath each core function you will need to identify who is responsible for the sub-activities within that area (ie., Application Follow Up, KYC, etc.) – there may be more than one person involved in the different areas.

   • Add columns if necessary to include other core business areas.

   • Add activities underneath each column where required.

3. Analyze your Organizational Chart and make any final adjustments you believe will strengthen your business operations.

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Create Efficiency Through Awareness

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1. Analyze who is really doing what within your business.  Begin by reviewing Create Time Efficiency Through Awareness.

2. For two weeks, instruct each individual on the team to record office tasks and activities using the Time Assessment Worksheet.

3. At the end of the two-week period, analyze the patterns of activities to identify opportunities to:

   • Reassign

   • Reduce

   • Remove

4. Any time you are frustrated with your ability to stay on top of things related to your role or things are not going smoothly on your team, revisit this exercise to determine what needs to change.  Just as your business continues to evolve, so too will the people and roles along the way.

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